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Business First Bancshares, Inc. (BFST) is a United States-based bank holding company headquartered in Baton Rouge, Louisiana. Through its banking subsidiary, b1BANK, the company offers a comprehensive suite of financial services tailored to both individuals and businesses. Core offerings include personal and commercial banking, treasury management, and wealth solutions designed to help clients achieve their financial goals.
Personal and Commercial Banking: Business First provides a wide array of banking services including commercial loans, letters of credit, working capital lines, equipment financing, and deposit products. The company is focused on providing customized solutions for small-to-midsized businesses and professionals.
Treasury Management and Wealth Solutions: The company's treasury management services aim to help businesses manage their financial activities efficiently. Wealth solutions cater to both individuals and enterprises, ensuring comprehensive financial planning and asset management.
Financial Overview: As of July 27, 2023, Business First boasts $6.5 billion in assets and $6.4 billion under management through its affiliate Smith Shellnut Wilson, LLC. This financial strength underscores its ability to offer high-quality service and maintain stability even in challenging economic times.
Recent Achievements: Business First has been recognized repeatedly for its excellent work culture. It was honored as one of American Banker Magazine's top 40 banks to work for in 2014 and has consistently been named among the best banks to work for by the same publication. Additionally, Forbes and Statista awarded b1BANK the #1 Best-In-State Bank in Louisiana.
Recent Developments: The company recently announced its unaudited financial results for the quarter ended March 31, 2024, reporting net income available to common shareholders of $12.2 million. Despite a decrease in earnings compared to the previous quarter, the company focused on foundational work that promises greater earnings potential in the long term. Notable activities include the acquisition and integration of Waterstone, a Loan Service Provider that facilitates SBA production for banks nationwide.
Partnerships and Community Engagement: Business First is committed to being a financial partner of choice, supporting enterprises, their owners, and employees. The company operates Banking Centers and Loan Production Offices across Louisiana and the Dallas and Houston, Texas areas, indicating robust regional engagement and community involvement.
Visit b1BANK.com for more information.
Business First Bancshares (NASDAQ: BFST) reported Q3 2024 results with net income of $16.5 million or $0.65 per diluted share, up $0.6 million from Q2. Core net income reached $17.2 million or $0.68 per diluted share. The quarter showed improvements with net interest margin expanding to 3.51%, loan growth of 1.11%, and deposit growth of 1.39%. The company declared a quarterly preferred dividend of $18.75 per share and a common dividend of $0.14 per share. Notable developments include the completion of Oakwood acquisition on October 1, 2024, adding approximately $863.6 million in total assets, and the appointment of Jerry Vascocu Jr. as b1BANK president.
b1BANK, the banking subsidiary of Business First Bancshares, Inc. (Nasdaq: BFST), has announced the promotion of N. Jerome "Jerry" Vascocu Jr. to the position of president. Vascocu, who joined b1BANK in 2022 as chief administrative officer, will report to Jude Melville, who retains his role as chairman and CEO.
Vascocu's responsibilities include overseeing banking, operations, risk, and credit functions. He has also led correspondent banking, wealth management, human resources, and marketing, introducing new products and technology. With a 30-year career in banking, Vascocu previously worked at First Horizon Bank and IBERIABANK, holding leadership positions across Louisiana and Arkansas.
The appointment aims to leverage Vascocu's extensive experience as b1BANK continues to grow its impact across its operating regions. Vascocu expressed excitement about the opportunity and remains committed to community development, economic growth, education, and healthcare initiatives.
Business First Bancshares, Inc. (Nasdaq: BFST), the parent company of b1BANK, has announced its schedule for releasing third quarter 2024 earnings. The earnings will be released after market close on Thursday, Oct. 24, 2024. Following the release, the company's executive management will host a conference call and webcast at 4:00 p.m. CDT on the same day to discuss the results.
Interested parties can participate in the call by dialing 1-800-715-9871 (toll-free for North America) with the conference ID 5274174. The live webcast will be available at https://edge.media-server.com/mmc/p/a2ui6eo8. Additionally, the corresponding slide presentation will be accessible on the b1BANK website at https://www.b1bank.com/shareholder-info on the day of the presentation.
Business First Bancshares, Inc. (Nasdaq: BFST), the holding company for b1BANK, has completed its acquisition of Oakwood Bancshares, Inc., the holding company for Oakwood Bank, effective Oct. 1, 2024. This strategic move strengthens b1BANK's presence in the Dallas-Fort Worth market, enhancing its ability to serve small and growing companies in the region.
Post-acquisition, b1BANK now boasts approximately $7.6 billion in assets, with $5.9 billion in loans and $6.3 billion in deposits. The bank's network has expanded to 55 full-service Banking Centers and two Loan Production Offices across Louisiana and Texas. Key leadership changes include Roy J. Salley joining as regional chairman for Dallas, and William G. Hall joining the boards of directors of Business First and b1BANK.
Business First Bancshares, Inc. (Nasdaq: BFST), the holding company for b1BANK, has received all required regulatory approvals for its merger with Oakwood Bancshares, Inc. The merger, approved by Oakwood's shareholders on August 27, 2024, is expected to be completed on October 1, 2024. Upon completion, b1BANK's assets will increase to approximately $7.6 billion, with over $5.9 billion in consolidated total loans. The merger will add four full-service banking centers in the Dallas-Fort Worth metropolitan area and two additional branches in Texas. Roy J. Salley will join b1BANK as regional chairman, Dallas, and William G. Hall will be appointed to the boards of directors of Business First and b1BANK.
Business First Bancshares, Inc. (Nasdaq: BFST) has appointed Zeenat Sidi to its Board of Directors and its banking subsidiary b1BANK. Sidi brings over 25 years of experience in fintech, consumer banking, and payments industries. Her expertise includes P&L leadership, digital transformation, and risk management. Notable achievements include developing products at loanDepot that gained Wall Street Journal recognition and holding senior executive roles at SoFi and Capital One. Sidi's appointment is expected to enhance the board's digital expertise and customer engagement strategies. She holds advanced degrees from Duke University and Stanford University and has been recognized as one of the Outstanding 50 Asian Americans in Business in 2022.
Business First Bancshares, Inc. (Nasdaq: BFST), the parent company of b1BANK, has announced significant changes in its board leadership. David R. "Jude" Melville III has been unanimously elected as the new board chair by the independent directors. Simultaneously, Rolfe H. McCollister Jr. has been appointed as the lead independent director.
Melville, who will continue his role as President and CEO, will now lead the board's agenda-setting process, focusing on strategic opportunities and risk management. McCollister, in his new position, will maintain substantial authority, including providing input on board agendas, calling meetings of independent directors, and setting agendas for executive sessions.
Business First Bancshares, Inc. (NASDAQ: BFST) reported strong financial results for Q2 2024. Net income available to common shareholders reached $15.9 million or $0.62 per diluted common share, up $3.6 million and $0.14 respectively from Q1 2024. Core net income was $16.3 million or $0.64 per diluted common share. The company saw improvements in earnings, net interest margin, noninterest income, loan and deposit mix, and capital accretion.
Key highlights include:
- Net interest margin expansion to 3.45%
- Noninterest income increase of 29.73%
- Loan growth of 1.45% (5.85% annualized)
- Stable credit quality
- Announced acquisition of Oakwood Bancshares, Inc.
The board declared a quarterly preferred dividend of $18.75 per share and a common dividend of $0.14 per share, payable on August 31, 2024.
Business First Bancshares (Nasdaq: BFST), the parent company of b1BANK, announced the release date for its second quarter 2024 earnings. The earnings report will be made available after the market closes on Thursday, July 25, 2024. This will be followed by a conference call and webcast at 4:00 p.m. CST on the same day. Participants can join the call by dialing 1-800-715-9871 with the conference ID 9962250, or access the live webcast via their website. A corresponding slide presentation will also be available on the b1BANK website.
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